The GBPJPY has been the most resilient yen pair lately. It has even outpaced the USDJPY, which often performs better than the yen crosses due to the US dollar’s status as a global currency. But nothing lasts forever, and the GBPJPY is not immune to yen strength, particularly in a risk-off environment. I bring this up as several yen crosses such as EURJPY, AUDJPY, and CADJPY appear to be setting up for reversals. I even discussed such a possibility on the USDJPY just yesterday. If you’re a frequent visitor to this site, today’s commentary will sound familiar. We reviewed the ascending channel below on January 8th. At ... (full story)